May 26, 2020

COVID-19 Update – Limited Form ADV & Form PF Filing Relief

On March 13, 2020, the staff of the Securities and Exchange Commission (“SEC”) issued an exemptive order providing temporary relief from Form ADV and Form PF filing obligations applicable to registered investment advisers and exempt-reporting advisers that would otherwise become due between March 13, 2020 and April 30, 2020 (the “Order”). Please click here to be directed to our 2020 Annual Compliance Obligation Reminders, including Form ADV and Form PF deadlines.

The Order extends applicable filing and delivery obligations up to a maximum of 45 days from the original due date and is available to advisers whose filing and delivery obligations, as applicable, cannot be met “due to circumstances related to current or potential effects of COVID-19” who meet the following conditions:

To rely on the Form ADV relief, an adviser must:

  • promptly notify the SEC staff via email at IARDLive@sec.gov and disclose on the adviser’s public website (if the adviser does not have a public website, it must promptly notify its clients and/or private fund investors) (i) that the adviser is relying on the Order, (ii) include a brief description of the reasons why the adviser could not file or deliver its Form ADV on a “timely basis” and (iii) estimate the day by which the adviser expects to file or deliver its Form ADV; and

  • file and deliver its Form ADV as soon as practicable, but in no event later than 45 days of the original due date for filing or delivery. 

To rely on the Form PF relief, an adviser must:

  • promptly notify the SEC staff via email at FormPF@sec.gov (i) that the adviser is relying on the Order, (ii) include a brief description of the reasons why the adviser could not file its Form PF on a “timely basis” and (iii) estimate the day by which the adviser expects to file its Form PF; and

  • file its Form PF as soon as practicable, but in no event later than 45 days of the original due date.

Advisers contemplating reliance on the Form ADV relief should carefully consider whether the advantages of the relief outweigh the disadvantages of complying with its public disclosure requirements. 

© 2020 Vedder Price

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About this Author

Joseph Mannon, Investment Lawyer, Vedder Price Law Firm
Shareholder

Joseph M. Mannon is a member of Vedder Price P.C.’s Investment Services group.

Mr. Mannon focuses his practice on legal and compliance matters for investment advisers, mutual funds, closed-end funds and unregistered vehicles such as hedge funds, hedge fund of funds and other investment entities.  With regard to unregistered vehicles, he frequently counsels clients on fund formation and structuring matters for funds organized both in the United States and abroad.  He also counsels clients on issues relating to commodity trading advisers and...

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Cody J. Vitello, Vedder Price Law Firm, Investment Attorney
Associate

Cody J. Vitello is an Associate in the firm’s Financial Institutions group.

Prior to joining Vedder Price, Mr. Vitello worked at the Federal Deposit Insurance Corporation, where he researched and analyzed federal and state bank statutes, regulations and opinions and drafted memoranda, letters and guidelines to be used by in-house staff and outside bank officials. Mr. Vitello also gained general corporate and financial regulation experience while he was an extern at the Commodity Futures Trading Commission and as a student-attorney at the Loyola University Chicago Business Law Center. Prior to attending law school, Mr. Vitello was a Credit Manager at Wells Fargo Financial.  

312-609 7816
Adam Goldman Investment Attorney Vedder Price
Associate

Adam S. Goldman is an Associate in the Chicago office of Vedder Price and a member of the firm’s Investment Services practice group.

Prior to joining Vedder Price, Mr. Goldman practiced at a boutique financial services firm, representing broker-dealers, investment advisers, commodity pool operators, private equity funds, and other investment services clients in transactional, litigation, and compliance matters. Mr. Goldman also counseled public companies on required filings under the 1933 and 1934 Acts and other regulatory issues.

While in law school, Mr. Goldman competed in...

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